Prudential Plc is planning to raise as much as $300 million through a share placement in ICICI Prudential Asset Management Co. ahead of the Indian joint venture’s initial public offering, according to people familiar with the matter.
The UK-based insurer has begun discussions with potential investors, with about 15 institutions expressing interest in the pre-IPO placement, the people said, requesting anonymity as the information is private. A final decision will be taken once ICICI Prudential AMC receives regulatory clearance to go public, they added.
India’s Securities and Exchange Board is expected to grant approval for the IPO in the coming days, Bloomberg News reported earlier.
The listing could raise as much as ₹100 billion ($1.1 billion) and value the country’s second-largest mutual fund manager by assets at about $11 billion, according to people familiar with the process. If completed this year, the offering could bolster India’s already robust IPO market, which hit a record $21 billion last year.
Deliberations are still under way and the specifics of the placement could change, the people said. A Prudential spokesperson declined to comment, while ICICI Prudential AMC did not respond to requests for comment.
The company filed its draft red herring prospectus on 8 July, stating that Prudential intends to offer up to 17.65 million shares, representing a 10% stake in the joint venture.
